Australia Market advances ahead Russia-Ukraine

The Australian share market finished session higher on Monday, 14 March 2022, as investors scooped up battered shares following the benchmark indices plunge late last week and hopes for cease-fire negotiations between Russia and Ukraine strengthened risk sentiments.

However, market gains capped as investors awaited the outcome of the Federal Reserve's policy meeting this week for clues about further interest rate hikes and policy tightening for the rest of the year. The Fed is widely expected to lift rates by 25 basis points in its meeting later this week.

At closing bell, the benchmark S&P/ASX200 grew 85.80 points, or 1.21%, to 7,149.40. The broader All Ordinaries index added 82.88 points, or 1.13%, to 7,422.20.

 

The top performing stocks in this index were ELDERS and PENDAL GROUP, up 11.00% and 6.56% respectively. The bottom performing stocks in this index were PALADIN ENERGY and CHALICE MINING, down 7.5% and 4.4%

Financials emerged as the top gainers on the benchmark index, with the 'Big Four' banks advancing between 1% and 2%.

Technology stocks rose, with Xero gaining 1.2%, while healthcare shares climbed more than 2%.

Miners shares fell the most, as iron ore futures slumped after rising COVID-19 cases in China, the world's largest steel producer, fuelled economic slowdown worries.

Energy shares managed to cling gain line, as crude prices slipped from multi-year highs, while gold stocks dipped as investors left the metal for riskier assets.

CURRENCY NEWS: The Australian dollar was at $0.7246 after slipping from above $0.732 late last week.

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